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Tax Authorities to Zero in on Tax Avoidance by Multinational Companies

Tax Authorities to Zero in on Tax Avoidance by Multinational Companies

SEJONG, Dec. 13 (Korea Bizwire) – The government is introducing a new policy this month requiring multinational companies to submit integrated attribution reports, as part of a bid to tackle tax avoidance. The integrated reports submission system is in response to tax avoidance schemes employed by multinational companies such as the manipulation of transfer prices, the [...]

Gov’t to Cap Dust Emissions in 28 Cities and Counties

Gov’t to Cap Dust Emissions in 28 Cities and Counties

SEJONG, Dec. 13 (Korea Bizwire) – Starting next year, the South Korean government will put a limit on how much dust can be generated per site in 28 cities and counties across the country.  The Ministry of Environment will add “total suspended particles” to the list of substances for which emissions are currently restricted. Total [...]

Tariff on LNG Imports Faces Backlash from Energy Firms

Tariff on LNG Imports Faces Backlash from Energy Firms

SEJONG, Dec. 12 (Korea Bizwire) — South Korean energy companies are resisting a recent government decision to impose a huge tariff on steel giant POSCO for its imports of low-priced liquefied natural gas (LNG), industry sources said Tuesday. The backlash comes after the Korea Customs Service (KCS) informed the country’s leading steelmaker on Nov. 30 [...]

Trump Nominates Cha as U.S. Ambassador to S. Korea: Sources

Trump Nominates Cha as U.S. Ambassador to S. Korea: Sources

WASHINGTON, Dec. 11 (Korea Bizwire) — U.S. President Donald Trump has nominated former White House official Victor Cha as Washington’s ambassador to South Korea and requested the approval of the Asian country’s government, sources said Sunday. The request, known as an agrement, was recently sent to the South Korean government following an extensive vetting process, [...]

S. Korea Strives to Foster Nuclear Decommissioning Industry

S. Korea Strives to Foster Nuclear Decommissioning Industry

SEOUL, Dec. 8 (Korea Bizwire) — South Korea will ramp up efforts to develop technologies related to nuclear decommissioning as the country’s oldest reactor is undergoing the lengthy, costly process of being dismantled, the energy ministry said Friday. The Ministry of Trade, Industry and Energy launched a consultative body composed of state-run utilities, construction companies [...]

Government to Ramp Up Support for University Lab Projects

Government to Ramp Up Support for University Lab Projects

SEJONG, Dec. 7 (Korea Bizwire) – The South Korean government has announced it will increase support for university laboratories that show potential, helping to create job opportunities. The Ministry of Education and the Ministry of Science and ICT announced plans to choose five universities to support next year as part of their job creation initiative, during [...]